Gary Vaynerchuk’s Take on The Burgeoning Cannabis Industry
For those who are unaware of the Vaynerchuk powerhouse, Gary Vaynerchuk an investor who has earned a reputation for his savvy start-up investments. He’s also the brains behind the wine e-commerce platform Wine Library and chief executive of digital agency VaynerMedia.
Green Street, an L.A.-based marketing and branding agency focusing on the cannabis space, has sold a 50% stake in its burgeoning business to high-profile investor Gary Vaynerchuk, the company recently announced.
Founded by Rama Mayo and Joshua Shelton in late 2012, Green Street has helped celebrity clients including 2 Chainz, the Game and Broken Lizard (the comedy team behind the “Super Troopers” films) forge weed-related partnerships. In the last two years, the agency has also created a first-of-its-kind cannabis brand showroom in the penthouse of Miracle Mile’s historic Art Deco Wilshire Tower building and recruited a cadre of other like-minded brands to join them in a cannabis-business incubator environment.
He recently shared his thoughts with Cannabis & Tech Today. Gary Vaynerchuk: Here’s the problem: there’ll be a couple Philip-Morris’s and then there’s gonna be a trillion “s****y Morris’s.” The amount of money that’s about to be lost in mainstream cannabis is going to be as much as is going to be made. People don’t understand gold rushes – not everybody finds gold, there are a lot of hucksters in it. By the nature of the product, you’ve got a bunch of people in it that don’t want to work, really. You’ve got a bunch of people that think it’s a gold rush; it’s easy, it’s free money. There’s no such thing. I’m very bullish on it just like I was very bullish on the internet. A lot of people made a lot of money and way more lost a lot of money. That’s what’s going to happen with cannabis.